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for the environment. he is just one of hundreds of thousands of chinese in and around beijing who heat their homes with coal. the smoke from these fires contributes to china's infamous small -- smog. people here go for weeks without seeing the sun. the smell of sulfur lingers in the air and eyes burn from the irritants in the sky. >> the main cause is a tremendous reliance on coal mine in china. power plants burn coal to generate electricity. all of the industry here -- steel, cement, chemical plants -- they all use tremendous amounts of energy generated from burning coal. >> china burns almost as much coal as the rest of the world combined, and that is ruining the environment here. modern, clean coal plants like this one meet strict standards, but they are few and far between. >> local governments have always looked the other way. many power companies are also the largest tax payers for that region, and an important part of the local economy. politicians do not dare metal with their businesses. we have the laws and environmental standards, but they are not enforced. >> economic growth has been th
of access to the humanities that urban environments provide, we have a better shot at than, say, other places where large distances have to be traversed in most american cities to kind of get to the places you want to get. here in san francisco, we have been blessed by the geometry where our trips are short where 40 years ago we realized that this was the way we will have to kind of meet our future. the iron call part of that is at the same time europe also discovered that and they made strides to towards actually implementing these alternative choices, we have found it very difficult to kind of wean ourselves from the convenience of being able to. i say it is still convenient to drive. as long as the alternatives are not just as convenient, we won't be able to make our case about our travel modes as contribution to the detriment of the environment or to the detriment of our health as we all know the sun is by date getting madder at us and angle grier at us and we are getting fat. we got to do something about it. this is the time to do it. we have the best opportunity here with these f
things. >>> officials in japan's environment ministry have declared a popular food source an endangered species. it's the japanese eel. they eat eel during the summer as it's believed to increase stamina. the eel population has fallen drastically. officials and researchers are stepping up efforts to protect this pro decisional food source. nhk world has the details. >> reporter: japanese consume 70% of the world's eel catch. the government's designation of japanese eel as an endangered species means it could become extinct in the wild. the eel population has declined by more than half in the past decade or so. from over fishing and contamination of the environment. the japanese eel lives in rivers all over the country. in autumn they head to the ocean to spawn. the eels have a long journey. they travel to a ridge some 2,200 kilometers southwest of japan and lay their eggs there. the eel have grown five to six centimeters by the time they are back in japan. fishermen catch them and raise them. this fisherman in western japan are concerned about the population of eel left in the wild. the
environment was being degraded in ways that affected the quality of the lives of the people. they wanted something done about it. that's why the response to earth day, i think, was so great. an estimated 20 million people participated in that event. it may have been the largest planned event in world history. as a consequence, it got enormous attention. political figures who had thought of environmental and conservation issues as the elite concerns of a few animal lovers suddenly recognized this was an important constituency. the protesters who gathered that day called into question a key ingredient of the american dream, growth that leads to prosperity. were they leftovers from the sixties, or had they discovered a flaw in the way we measure economic success? following world war ii, u.s. economic growth was the envy of the world. americans worked and consumed at record levels. from 1950 to 1970, americans built and bought some 60 million new homes. americans built and bought 141 million new cars, which they drove on new roads. american farmers increased production by 45%. from 1950 to 1
of opportunity. >> what about the idea that the regulatory environment is getting tougher from the epa to, you know, the financial regulators, dodd frank, business today faces a different regulatory environment than the past couple of decades, no? >> i don't think so. i remember early on acquisitions we were going to make t at at&t, it was tough. we didn't know. we spent a great deal of time in the political part of the business and the regulatory part of the business. it was touch and go. i'm not sure it's changed so much. >> i see. okay. what about the global story? a lot of people say in the last several decades american business was really riding a wave of globalization. today, you're more likely to hear about jobs in buffalo and in michigan than in bangalor, india. are economies looking inward? >> i think so. i think there are some coming back. i think that's a good observation and i think that's a good sign. >> you think it's a good sign that it's not the globalization sort of openness that we saw a few years ago and now economies are looking inward? >> glad to see us bringing jobs back
to be higher? the answer thus far is no. brian is correct a rise in a normalized environment isn't that big. >> have japanese bond rates gone up? >> not meaningfully. in the context t of what's happening they haven't actually done anything. the yen collapsed. interest rates are still low. >> lee munson. sometimes a little easy money isn't a bad thing. here in the united states we have easy money and we have easy profits still going up. i think people are under estimating our story as well, lee. >> i do. larry, i just want you to -- 2013 to be the year you learn to love the fed. i understand why you have perma bowls. the thing we have to remember is what could end this bull market? i don't think it's going to. we have to have the fed start tightening. they are not going to. number two, we have to have an inverted yield curve. there are emerging markets but not in the united states. it's great. so we have to have an over exuberance for markets and we don't. larry, in new mexico i still have to convince people to buy stock as part of a balanced portfolio. so we have japan. it was like this fou
take a step back and explain why the story is right. we've got an environment of improving consumer confidence, both domestically, despite the payroll tax hike and around the world. that means there's more demand for luxuries like travel and leisure, ie, cruises. on the other hand, in this industry supply is everything. it's like nordic tankers, too many ships, supply brings down the price of everything. supply of ships when the global economy seemed to be in great shape, the cruise ship builders went crazy. most of the enough capacity hit the market at the worst possible time, much of them coming on at the height of the great recession. during the recession the shipping company slowed down l orders for new ships and now new capacity is decelerating. from 2000 to 2010, the number increased at a 6.6 compound annual growth rate but should increate at only a 3.3% growth rate from 2012 through 2016. there's less new capacity coming on, less supply and that means, yes, s pricing. believe me, the tanker ships wish they were happening. there's still new supply coming on. it's got incredibl
and better for the small business. tell me how you find the environment right now for the small business owner and what should the government do now to facilitate more bottom line growth for those businesses? >> i think the government has to look at what is the most direct and em pactful way it support small and midsize businesses. when i look at these businesses, there are some businesses when they are so small that they are no longer viable because of the market environment. those are not the ones we are referring to. we need poor management or otherwise poor credit. we are looking at businesses who may be rely on access to capital as one component of just the ongoing operation of their business. so in answer to your question, the environment is one that still consists of, i guess, limited available liquidity and limited available credit rather for small businesses, often reflected when you look at national federation of independent business surveys. they always tend to be a lot less optimistic an those of the larger companies. >> chris, among the many boards you're on, biggest company
. the official consensus is this is not a health scare but labelling scheme. in britain, the environment minister said all is being done to identify those responsible. >> i made it absolutely clear that should there be material which represents a serious threat to human health and emerging from the tests emerging over the next few days,, i will not hesitate to take the necessary action. i will work with the european commission and european authority but we are not in a position to unilaterally and arbitrarily ban a product in the rules of the single market. >> they are trying to establish how and when the horse was relabeled as before being delivered to the luxembourg processing plant. french officials are looking at a supply chain which begins in romania at an abattoir where they slaughter both beef cattle and horses. from there it is but a dutch trader acquired the meat and it was then sold to another trader, this time in cyprus. next, it was sold to its french company which sold -- which sold to the luxembourg plan. tests on ready-made bows and yet -- lasagna and the u.k. revealed it was 100%
it is less costly and in the environment with political instability, organized crime and then talks a lot about the focus of the national community much beyond the institutional capacity building and strengthening the cooperation. in mali the risks -- i hear a lot of talk and, the problem is not just you cannot just rely on the self-proclaimed representatives of all of the groups in northern mali. they are a minority. so one component among many. so any inclusive political solution should include but also other ethnic groups whether it be me the majority obviously or other ethnic actors. it has to be all inclusive. number two, there is the risk that we try to put nicely. it's exactly what others are waiting for them. they are just waiting to strike, for the opportunity which, and there are risks, right? we know based on the behavior of the forces especially with white skinned arabs. we know the african forces in which report they are by themselves these are one of the most feared for years and who they rely very heavily on them which is good because its, you know, it is the same climate s
whyhy away from rapidly growing companies in this environment? >> well, i think what you're seeing is a slow-down in earnings growth. but on the other hand, the economy is doing somewhat better than it was, let's say six months ago. so investors who come into the year looking for very fast earnings growth as justification for their stock prices may be somewhat disappointed. so the economy is getting a little bit better, but wave come out of the recession. we've had a full recovery in profits, so here, going forward, we pect to see slower growth and cnsisncy, think, is the key in that kind of environment. >> tom: you mentioned a full recovery in profits. are stocks, broadly speaking, at this level expensive given the lack of earnings growth that you forecast? >> i don't think they're either expensive or cheap. and the reason i say that is because the standard & poors 500, which is a proxy for the stock market, has about $100 of earnings expected underneath it and it trades at $1500. with the stock market trading at 15 times underlying eaings, that's aut a normal valuation for the ma
in volume is really a natural occurrence in this environment. > you are just back from china. what did you find there? > > lots of pollution. i was in beijing for two days. i have been in china numerous times, and this was by far the worst i've ever seen it. but, aside from that, you look at the economy, things are moving. it is bouncing right along, and they are rebalancing the economy. you can see the service sector, the financial sector, different things moving. so i think in general things are moving in china. there is still a lot to be done and a lot of reform to be done, not the least of which is clean air and clean water. but i think these are things, initiatives to look forward to, and other than that, i think china is moving as expected, if not better. > we will take out our pollution put there tim. and what about the united states? what worries you about the market here? > > you know, not a lot worries me right now in this market. it is liquidity-driven. the fed is buying 80% of the treasury, which is unbelievable. i never thought i'd see that. so i think as long as that occurs,
're looking at is an environment where the world's policeman for so many decades is suddenly just not willing to be the traffic cop on every beat. >> there is no defining doctrine that threads its way from administration to administration over american history that makes clear where we will act and where we won't act. >> interventions are dangerous because interventions always come with rather significant unintended consequences. >> narrator: in a democracy, agreement is not essential, but participation is. >> never before in our history have we been so interconnected with the rest of the world. >> foreign policy is actually not foreign. >> america has faced great hardship before and each time we have risen to the challenge. >> the ultimate test is to move our society from where it is to where it has never been. >> join us as we explore today's most critical global issues. join us for great decisions. >> great decisions is produced by the foreign policy association, inspiring americans to learn more about the world. sponsorship of great decisions is provided by credit suisse, eni, the hurford
in the new product is more expensive than other fluids but safer for the environment. checking the stock, how burton down a little bit today. japan airlines grown in the dreamliner will cost the company nearly 7.8 million in revenue. after a battery united flames and smoke. japan airlines said it would seek compensation from boeing for the lost revenue. they have yet to identify the causally battery problems. and the numbers are in for the super bowl. 48.1, better than ever for the nielsen numbers beating last year's giants and patriots. a great game last night. twitter also exploded, 24 million plus about the game. the peak came at halftime when beyoncÉ was performing. dagen: you would think that is the overall, but some people turn their tv sets off during the power outage because it was such a lead, looks like he was stinking. connell: they say the game with the two quick touchdowns right after the power outage and 28-20, so much for this, i will not go to bed, and it went later than we thought because of the power going out. dagen: a little new orleans voodoo working magic against the ra
national debt? with economic growth at best, 3.6%, how will markets behave in that environment? >> i think, overall, the equity markets are looking at substantially lower growth and higher deficits. these negotiations need to work out to be reasonably positive for the financial markets. these projections are really subject to massive change depending on the negotiations. overall, equity investors are basically hunker down for a long period of very slow growth. to, 2.5%. lori: how do you expect markets to react as we go to this budget negotiation? >> equity markets are anticipatory by nature. basically, the report in early december was to ignore these negotiations in washington. i do not think you will see devastating news come out of this process. hopefully we will see something more positive and get on a more sustainable path on the deficit front. in all likelihood, you are not likely to see big changes. lori: what is the best way to be investing around the dow here? >> i do believe that, basically, use pullbacks as a buying opportunity. yesterday was a bit of a reality check for investor
environment -- we did an extensive analysis to try to make sense why we have had the problem and have had so long. host: if you would like to join the conversation from eastern and central time zones -- mountain and pacific -- and if you are a health professional -- laudan aron, here are the numbers, and we see where the united states ranks in life expectancy compared to other countries. who in the study are the comparison points and how the u.s. to? guest: the panel basically compared the health outcomes in the united states to 16 other high-income democracies. it western europe, canada, australia, japan. basically countries we consider our peers in a number of the means. we ranked dead last in life expectancy among males and the comparison group and next-to- last for females. life expectancy at birth is a cumulative indicator of multiple causes of death. but as we can see, we are not doing very well. host: the disadvantage appears to exist across all ages and demographics. do you have a sense of why? guest: well, one of the real striking findings was how many different domains we are falli
as we go through the rest of the year. i mean, we're still in the slow growth environment. we're still deleveraging. we're still dealing with fiscal austerity. i don't think the markets are fully taking that into account right now and investors have to be aware of that. >> so what exactly are you -- would you be telling clients right here? let's say they have been, like a lot of people, heavily into these irisk off bond portfolios. would you keep them there? >> we've been saying the same thing for quite some time right now. the environment we've been in is not one for somebody that's hunkered down, defensive, holding cash in treasuries. you're almost guaranteed to underperforming inflation investing in those things over the last five to ten years. even the shorter term period, you may see bigger puts. equities have a lot of risk to them. what we've been doing is positioning people in the middle of the risk sector. that means lower risk, stable, dividend paying equities, taking risk in your fixed income with high yield bank loans and using unique investment options like secured options
and the environment and touched on in the inaugural address and starting wednesday the president will hit the road, takes the message to residents of north carolina, georgia and north carolina. our next guest was a speechwriter for president clinton. including four state of the union addresses. michael waldman is executive director of the brennan center for justice at nyu. welcome. >> great to be with you. >> what's the strategy behind a more aggressive maybe antagonist kind of message that we might hear tomorrow night? >> well, one of the things is that it seems to be working. i think that his inaugural address, for example, was to me the best speech he's given as president. it didn't have some of the drabness and caution of some of his earlier speeches. it said something. and so, i think that if he keeps going with that approach of boldness and ambition it is not that everything he says is enacted in to law but he'll be able to make a case to the country and with some vivid colors and strong arguments. >> and the country wants to hear a lot about jobs which was relatively unmentioned in the inau
are weary. a population explosion could further strain the environment and resources of the already 1.3 billion people who live here. still swb some want to change the policy entirely abandon. after leaving his job, yung protested in the streets, calling for anyone to help him pay the nearly $40,000 fine to keep his second child. he raised the money, but still isn't sure about her future. sooner or later, everyone joins the labor force, he says. cooper will definitely generate more wealth when they consume, ensuring economic growth for future generations. cnbc, beijing. >> knew for more, let's bring in andrew lung of appeared rue lung international consultants. michael curry. andrew, let's go to you, though, on this story. so foxconn potentially seeing its workers form unions. how likely is it in your view? what's the implication of this move? >> well, this is certainly a paradigm shift with a lot of implicati implications, sociopolitical and economic. for example, the chinese government, the leadership would not have allowed this kind of election if not for a deliberate decision. the
and afghanistan. the goal is to create a more stable environment for when nato forces leave afghanistan in 2014. the mission is to get the taliban to negotiate peace, but what are the chances? >> 12 years into a war that has cost 440 british lives, the prime minister invited the leaders of both afghanistan and pakistan to talk about the threats facing them all. >> the united kingdom will continue to stand firmly behind both countries as they work together to bring peace and stability to the region. finally, the progress we have achieved today sends a very clear message to the taliban. now is the time for everyone to participate in a peaceful political process in afghanistan. >> as british troops prepared to withdraw from afghanistan and handoff to afghan forces, intense combat like this is rare now. the military believe they have done their job and that this insurgency, like all others, needs a political solution. >> the clock is ticking. we have until the end of 2014, maybe not as long as that, to get this thing sorted out, because we are leaving, and everyone knows it. >> however unpalatable,
a chaeng, a structural change in the macroeconomic environment to seek lines getting more comfortable about taking more risk and being more active. >> is the biggest risk to activity and confidence going forward in 2013? >> i would say both geopolitical events, i would say, or basically that europe or the u.s. was from the discussions or basically going back to where they were last year. and that would be clearly undermine their confidence. >> your capital levels are very strong. you announced a 50% increase in your dividend payout. now an a lists are expecting even more over the next couple years. they're looking at a dividend yield of anything between a 7% and 9%. is that feasible? >> well, with him ever progress policy, but most importantly, we will have a payout ratio of at least 50% when we achieve our certain percent basel ratio. >> timely, you announced that libor fine in the fourth quarter. was that it in terms of kitchen sinking all the legacy issues? was that it in terms of litigation risks? >> look, i think we made very good progress on addressing many of those issues during 2012
that i have. so you have to be honest with yourself, to the company and to the environment. and after five years, it's better for somebody else to take the helm of the company. you have to have a thoroughly debate first with yourself and then with the board and make a decision. i took the decision -- it's hard, you know? it is emotional. it feels like painful, but at the same time, it's better for the company and, therefore, that's what you have to do. >> it's interesting to look at shares of alcatel lucent today responding sharply to the upside. they've been hammered. so some context here. 7.6% with the move. alcatel lucent and bankia. so that's the kind of trading session we're having. >> it's quite interesting to hear from a man who is so honest, to come out and say, you know, it's execution, execution, execution -- >> and i'm not the guy for it. >> and that's not necessarily my strength. the candor, i think, is appreciated on that. it's very rare you hear ceos with that amount of honesty. >> outgoing, too. >>> credit suisse shares moving higher after the bank reported weaker than
housing and job, and he understood that. that is what he was trying to create in the environment. >> speaking of education, there is a high school, one of the best in the city of chicago named after whitney young and the first lady went to and graduated from whitney young high school, and what do you believe he would say about violence in schools? >> that the job is not done enough to have people have a stake in their communities enou enough, and also to try to build bridges between never the community, and between the people who are disempowered with the jobs they need to become stakeholders, but he would also say to the people who are in the chambers of commerce that you have a vested interest in protect ing t protecting the city, too. so i think that this is the kind of bridge building that he did. it was not about black or white, but that we all have a stake in this together. so he would be trying to find the points of consensus where things could get done and better housing jobs and so forth could empower young people to not become violent. >> given how inclusive he was, he
$84. they talked about payroll tax increases. it is in a more competitive environment. the easy way for walmart is over. a little bit of a pullback is expected. back to you. melissa: thank you so much. a big month in january. we get to the bottom line with elizabeth macdonald. why is this? >> you have been talking about that great rotation. we have not seen a start like this in 15 years. in the month of january alone. it surpasses what happened all of last year combined for all four quarters. the bears have left the building. the s&p forward earnings that we are looking at are still cheap versus the october 27 peak. the s&p 500 was trading at 13. if it hits 14, then you are talking s&p 1600. if it hits 16, you are talking s&p 1700. are we setting up a classic bear trap? that stock has gotten ahead of the economic recovery. we are seeing the togo war on whether or not we will have a downdraft by end of year. melissa: who is winning? >> though bulls are winning for now. if there is a pullback there, you could be in a downdraft air up. melissa: thank you so much. lori: this has been th
with that. now is a great time for opportunity. >> what about the idea that the regulatory environment is getting tougher from the epa to the financial regulators, dodd-frank, basel. business faces a different situation than decades ago. >> i don't think so. i remember acquisitions with at&t we didn't know. it was tough. we spent a great deal of time in the political and regulatory part of the business. it was touch and go. i'm not sure it change sod much. >> okay. what about the global story? people say in the last several decades, you know, american business was really riding a wave of globalization. today you're more likely to hear about jobs in buffalo and in michigan than in bangalore, india. are economies looking inward? >> i think so. there are some coming back. that's a good sign. >> you think it's a good sign that it's not the globalization openness we saw a few years ago and now economies are looking inward? >> glad to see us bring jobs back to this country and rethink that. that's helpful. >> final question. what do you drive? you driving a gm? >> i am driving a gtm cadillac
's good. in that environment, you have -- you have correctly placed your hotels. >> well, it's really interesting for us, our business is so dependent on economic activity, business confidence and consumer confidence. you're exactly right. january in china our rev par numbers with up 6%. that's after a slow down. the government transitions almost behind us, chinese new year will be behind us. china is picking up. latsen america was the strongest growth region, slowed down last year because of argentina. we haven't talked about africa which is another place where global capital flows are coming in in ways we have never seen before. >> let's talk about china for a moment. we see china as having a big year in 2013. a lot of people had penalized your stock, tank it down to the -- well at that point into the 50s because they felt you were overexpanding in china. you're probably as a percentage of what people are putting their capital in the highest of any of the companies i follow in terms of commitment to china? >> well, we're long term bullish on china. today, we have more hotel rooms in
, back in 2011 and determined there would be no significant impacts on the environment. that's what the administration determined in their own nepa process. and that raises the other point. the white house says well, we don't want to get ahead of the process, but the president effectively abandoned the process more than a year ago when he halted the project by executive action. had he not the state department in keeping with the usual process would have issued a decision on the permit after four years by december, 2011, according to a letter secretary clinton sent to me in august, 2011. i worked toward approval of the keystone x.l. pipeline, first as governor of north dakota and now as a u.s. senator because i believe it is just the kind of project that will grow our economy and create the jobs our country so desperately needs, and it will do so with good environmental stewardship. at the same time, it will reduce our dependence on the middle east for oil, which is what the american people have desired for decades. the keystone x.l. pipeline project is long overdue. for the benefit
-class background and i grew up some 20 odd years ago in an environment to meet a hugely difficult for me to be open and honest and upfront with my family, friends and work mates about choices that want to take in life and the people i wanted to see. i was unacceptable 24 years ago. it's unacceptable today. for many hundreds of thousands of people across our country, it remains the case. i'm standing here today to welcome this historic legislation, which will any discrimination, but more crucially send a signal at this house values everyone equally and not signal will deeply affect those people like me 20 years ago who saw this house both equally as the of consent. that was the first time i'd seen on our tv screen and the first time i realized i was not allowed and it changed my life. so as we take this historic step, we should remember thousands of gay man and tran for women were put to death 40 years ago, thousands were criminalized, live strong. 30 years ago. people subject to scientific torment in search of eight cure appeared to come a long way in a short space of time. it's right in my view th
our ability to grow our economy and provide an environment where all americans have the opportunity to lead healthy, safe and productive life. that's what brings us together here today, because sequestration is about more than numbers on a ledger. they are real people behind these numbers and their lives and livelihoods are on the line. these cuts have consequences, and every american will pay the price. with fewer food inspectors will be more susceptible to foodborne illness. will be a greater risk of deadly disease outbreak as public health laboratory schools. with fewer air traffic controllers, flights will be curtailed. classroom size will increase as teachers are laid off. national parks will close. we will be less safe with fewer police on the streets, and we will wait longer to cure debilitating diseases like cancer and alzheimer's. today, ndd united is sentiments of congress and the white house a 72 page letter signed by 3200 national, state and local organizations, including those represented here today, to stop the political brinkmanship come to stop cutting for cutting sa
to a school that would provide them with a safe environment in which to learn. to give them an opportunity, in fact, so they could see college as an option. an opportunity that mr. kelly did not have. within two years at a private school, ray caught up to his classmates, and is now a student in college. and his sisters, who are here with us today as well, are attending the preparatory school of d.c. and are on a similar path to opportunity. now, i visited this school yesterday. it is amazing. it is making a real difference in the lives of kids who, without that school, could possibly be lost. and this is what is at stake. because now they have great teachers, terrific administrators, small class sizes, and a mission that said every kid's got to succeed. now, no one should deny ray or his sisters this opportunity. [applause] >> joseph kelly, nor any parent should have to wait for failed education systems, failed school systems, to get their act together. throughout the country, there are some promising signs that we can bring schools and parents together to improve our educational system. s
is precious to the european union. but which also must be respectful of the environment. and that's why world development will complement that. not offsetting these two policies against one another. that will be easy to do. we must keep the pedestal of european policies because otherwise how can we go from the? my second principle is that the budget, the financial framework which is to be proposed must continue the growth partner we adopted in june of this year. last year. now, that means that we must promote innovatioinnovatio n, infrastructure, new energy, new forms of energy because there will be no consistency is in june we were to set out a roadmap and then we're have a deflationary pack and the fall of the european financial framework. my third principle is that the budget must support the most vulnerable of europeans, those most exposed to the crisis, the poorest of the poor. the funds for their must not only be kept going, they must have more money paid into them. we have the globalization adjustment fund. it is necessary. we are to deal with the restructure. many countries have to fa
of competitive operating environment at the time. that model went too far. you, yourself, in a speech suggested that the outsourcing trend have gone too far. one of the trends people are talking about is the re-shoring. businesses are coming back to america. we have a lot of anecdotes. it is hard to tell whether the trend has changed. what have you seen? has ge made a decision that went too far in that direction? >> i do not think about it in terms of off-shoring re-shoring. i think of it in terms of competitiveness. there are two different things. one is globalization. globalization is where you go try to sell your product to people who are buying them. that means you get to add capability to the company. i was in four countries in africa. each could be $1 billion in the near future. you may have 70% of the content in the u.s. and 30% locally. globalization is not a bad thing. it gets lumped and cast. it is a thing called outsourcing. that was a lot of what happened in the 1980's and 1990's. virtually everything we have done has been how to access local markets. when you look back on manufactu
on retirement, security, the environment, homeland security, minority health and health disparities and he is been a consist president supporter of the national institute of health and our mission and the work we do. he was elected to the senate in 2006 where he currently serves on the finances, public relations and business committees. he serves as co-chair on the security commission in europe. prior to this he represented mary mayor's third congressional district in the house of representatives. and before that in the maryland house of delegates where he served from 1967 to 1978. he was speaker. >> he is a champion for medical research support for maryland's world class university hopkins university of maryland and several others. and he is a strong supporter of our state's biotech industry which is not located here by chance. he's also been i think a strong supporter throughout all of this as the importance of looking for curious for many diseases and protect our citizens from bioattacks. >> he's been here in a town meeting. we arrive here today at a particularly interesting moment give
environment get more benign. the interesting thing is the before tax earnings were up about 22% but we paid a higher tax rate. we paid about 34% in taxes. all in all top line strong volume growth. great margin expansion. and the earnings followed that. >> so what about 2013? how's it looks? what would you expect? a lot of analysts out there question whether or not the sustainability of this organic growth is on track. so how do you ensure that it will? >> if you go back the last 18 months we've averaged at the top of our 3% to 5% top line target that we've had with the investment community. 18 months we've done this. as we look into the second half of the year, we're comfortable where the consensus is. 3% growth. we're going to lap almost 6% growth from last year in this period of time. you mentioned the flu at the outset of the session here. the flu is probably about 10% of our growth in the quarter. it wasn't that much, frankly. i think you'll see more of that manifesting itself into february and march. i think we'll feel optimistic. we did take our outlook up on the top line. we were at
environment right now, where are we in terms of trust and sentiment? we've got the libor scandal. we continue to see sort of upsets in the banking world. >> right. >> do you think that a lot has changed, or not? >> it is -- it is had, and i don't think a lot has changed. it's gotten marginally better, but the reforms have been pretty incremental, and most of the dodd/frank rules haven't even been finalized yet so that does concern me, and i think as the public watches this, they are losing confidence in the regulators as well to get this job done. they need to know that the regulatory community is, you know, standing up for them and policing these institutions appropriately, and whether the industry wants to acknowledge that or not, that's in the industry's interest for the public, and their customers to view them as being regulated by people of integrity, so i don't. i'm disappointed at the pace of reform. we haven't seen a lot of changes other than very incremental changes, but i'm hoping that maybe this year will be the year when we can finally get the rules in place, and i'm hoping that t
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